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FINANCIAL NEWS
Egypt to import LNG from Algeria
05 Dec 2014
(MENAFN) Egypt ‘s Oil Ministry said that the country will import six cargoes of liquefied natural gas (LNG) from Algeria between April and September next year, Gulf Daily News reported.
This deal comes after Egypt finalized a long-delayed deal last month with Norway’s Hoegh LNG for a floating storage and regasification unit that will allow it to import LNG, in a move that will help the country deal with its energy shortage problem.
The country, which relies heavily on gas to generate power for households and industry, has been trying to secure natural gas supplies despite Saudi Arabia, the UAE and Kuwait have sending it billions of dollars’ worth of petroleum products.
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